HUNGARY: Amendments to Constitution to prohibit Hungary foreign investors buying farmland

Friday January 4 2013

Hungarian lawmakers have voted by a large majority to amend the constitution to prohibit foreigners from buying Hungarian farmland.

Currently, Hungary foreign investors are restricted from buying farmland under a temporary measure which formed part of Hungary`s EU accession agreement in 2003. The measure was originally set to expire in 2011, but was extended until the end of April 2014.

The amendment has set Hungary on a collision course with the European Union, which had granted Hungary permission to extend the measures to 2014 as a condition of continued financial and development aid.

Click on the above link for the Ministry of Rural Development`s press release on the decision.